The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1887-06-22
4 STUPEND0US STEAL.
rHE i;GDi;EEY OF JAKE SHARP AND
THE NEW YORK ALDERMEN.

J 0G0 to get his Broadway franchise iron
the Board OF Aldermen. This docs 10
include his attorneys fees nor ex
penses at Albany in securing the passage
OF the General Railroad act, which made
his Broadway franchise possible. It i:
very well understood by those familia,
with the facts that the total cost to Mr.
Mr.. Sharp was in the neighborhoo& O.
81, 100000.
What costly franchise it would have
been, then, had he bought it at al
honest sale! He risked S1,300,000 oi
bribe money, the chances of legal for
feiture afterwards and of the criminal
prosecution-that has in fact come tc
HMM the dishonest purchase rather
than to attempt to buy the franchise al
its real value.
The twenty-five members of the Board
of 1854, Reading Clerk Maloney and
General Manipulation Keenan, pocketed
5000, 600 and sold the franchise at an
annual rental Of $4,000. They at first
gave it for nothing in excess OF the 3 per
cent. on gross receipts required by the
law, but when the World, Mayor Edson
and the general public raised such a row
about their ears, they had another meet
ing and agreed to demand OF Sharp an
annual payment Of I per cent. cn
| s., ,0UO, ,0OO-or $40, OOO.
1t is curious fact that many honest
bus misguided people say about Sharp
aad the Board OF 81 that we would not
have had railroad on Broadway at al
if the franchise had not been given then,
and that the b:ibcr and bribed were
not, therefore. SO guilty, after all. Let
us see:
The City Of Eew York IS getting from
the broadway Surface Railroad Compa-
ny for what is probably, considering the
length OF the road. the most valuable
railroad franchise ever granted by a
munici pa!ity to q corporation, the sum
Of $77I ,Sl9 9; = year. tbs sum IS made
up Of $40, GGJ a year reat and 3 per cent.
OF the gross earnings, which, cn 81, ,O6l,-
$3.50, the gross eurnln5s for the year
ended September 80, 1886, gave S3l,-
S40.94.
In the eousse o. tl,a Gica-y trial, Mr.
E. Henry LacomGc, Counsel TO the Cor
poration, since appointed By President
Cleveland Judge OF the United States
Circuit Court, vas on the witness stand.
This was on March u, and during his
cross examination he was asked by Mr.. lri.
Sla:er tae following question concern
ing the amount received b. the clty IRON
the Broadway Surface Company:
"Iou regarded t!lis as talr rental,
didn't you?'
Nh Laccmbe answered:
81 regarded il as quite sufficient to
protect the city il the percentages it
should receive. As 20 rental, thought
it a fair value. .
Mr.. Lacombe probably spoke without
consideration. Recent events, in any
event, prove him wcfulIy wrong.
On May 30 last-oniya 4 little less than
two years after Sharp began to run bis
cars Oh Broadway-rhe franchise Of the
Twe1ty-eighth and Tgenty-ni1tE street
crosstown road and Of the Fulton street
crosstown road were put up Tor sale ct
auction by Comptroller Loew, under the
provisions of the Cantor Railroad law,
passed after the granting OF the Broad
way franchise. The former franchise,
for which there were two bidders, sold
for 26.2 per cent. Of the gross receipts,
to which must be added, under the Gen
I,il lor
the annual gross earnings for the first
five years and > per cent. thereafter.
The city viii, therefore, receive 1872 per
cent. on the gross earnings OF thai road
for the first five OF It's operation aud
31.2 per cent. eVery year after the hrst
five years. For the Fulton street fran
chise shere were three bidders, and it
was finally knocked down foc 35 per
cent, making the citys rent for the first
five years 3S, and 10 tor the subsequent
years.
As the Broadway franchise is un-
doubtedly much more valuable than
either Of these, It is safe to assume that
the competition for it would have been
more eager, and consequently that the
city would have secured considerably
larger percentage i, ike them, it had
beeu put up and SID Il: ,sltct:or. But,
admitting that it would not have sold Tor
any n.,.c dian the I%e2ty tycigisth aud
Twe&.y -.iHtil street franchise. how mach
is the ely losing aunua!lE bg the COR
pact 0I Us corrupt aj:icrineA Of 1851 With
the corrupting booCic1s ':uo are rcaplnS
the benefits.
III: sro:.> s-..x:n;egs Of t.ia Broadway
Srrt;.a3 E;aii.UStG ior tEc year 1886
were -, 06l, GG5.So. They are likely 10
be la.zec instead OF smaller IL the futuce.
But, accepting !hat SIM ss faif basis
of computation, 2G.@ per cent. OF 1t
would give the city $3ia, JU6.I & year
fer five years. :Ai:er the expiration OF
five qca:.; the city would receive, at 2l.2
per cent, s3333l 23G.72 q year. As the
city is getting only 81 ,5l3.A per year
under the corrupt disposition OF the
franchise, it will lose S23S, l36.4I annu-
ally for five years, and afterwards $685.
3S2. IS annually soraTe:.
II, as i woaIt: !5e perfectly proper to
assume, the Droadwsy franchise had
sold for as much as the Fulton street
franchise, il would have brought into
the city treasury SOB, l33 year fo2 i've
years and $224, 66G. G2 a year tol all time
after five years. On tbs basis OF caIcu-
iation, tLen, tie city is losing at the
present line by the corrupt compact
S:2&3}i yS3. GG pei annum, and i: will lose
after the lapse Of four :ears from date
SO, ,Sl6.35 a yea.